Madrid Corporation has 33,000 shares of $50 par common stock outstanding. On August 2, Madrid Corporation declared a 3% stock dividend to be issued October 8 to stockholders of record on September 15. The market price of the stock was $68 per share on August 2. Journalize the entries required on August 2, September 15, and October 8. If an amount box does not require an entry, leave it blank. If no entry is required, select "No entry required" and leave the amount boxes blank.

Answer and Explanation:

The Journal entry is shown below:-

On August 2

Stock dividend Dr, $67,320 ($33,000 × 3% × $68)

       To Stock dividend distributable $49,500 ($33,000 × 3% × $50)

      To Paid in capital in excess of par - common stock $17,820

(Being stock dividend is recorded)

On September 15

No Journal entry is required

On October 8

Stock dividend distributable Dr, $49,500

           To Common stock $49,500

(Being stock dividend is recorded)

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